BIG HIT MOVES CLOSER TO IPO

The Korea Exchange has given Big Hit Entertainment an approval for an IPO, making it possible for the company behind BTS to go public within six months.

Big Hit Entertainment will next go before the country’s Financial Services Commission. JP Morgan, NH Investment & Securities and Korea Investment & Securities are underwriters of the IPO, Reuters has reported.

Founded in 2005, the company posted an all-time high operating profit of 98.7b won ($83m) last year more than tripling its 2017 income. Analysts estimate Big Hit Entertainment’s valuation to be around 4t won ($337m). Founder, Chairman and CEO Bang Si-hyuk owns the largest chunk—43.4%—while game developer Netmarble has 25%.